The halibut itself can exert multiple forces on the line including tension and shear. The force of tension that is put on the line by the fish is felt through the torque on the rod and partly absorbed by the frictional force in the reel. The fish also experiences the force due to the changes in pressure from being brought up from the bottom at a depth of up to 100 meters. For every 10 meters the fish is brought up from the bottom the fish experiences a change in pressure of 1 atmosphere. Fish that live at extreme depths have ways to deal with the problem of intense pressure but are not usually able to deal with extreme changes in pressure that occurs when they are brought up quickly. This is especially true of fish that use a swim bladder to deal with the problem of buoyancy. The problem of buoyancy is explained by Archimedes principle FB=Wfluid
Halibut may use other methods of achieving neutral buoyancy at extreme pressures such as reduced bone weight. I truthfully don't know how halibut have overcome this problem but I do know they migrate long distances and usually live at extreme depths but migrate to as shallow as 20 meters during the summer.